30 results
- 18 Feb 2025
CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances
Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the…
- 13 Nov 2020
Buhari Assents to BOIFA Act 2020
President Muhammadu Buhari has assented to the Banks and Other Financial Institutions Act (BOIFA ) 2020. Garba Shehu, presidential spokesman, made the announcement in a statement on Friday, The Act…
- 17 Mar 2022
Senate Amends Money Laundering Act, Banks to Report Deposits to EFCC
The Senate has passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against…
- 15 Sept 2010
CBN Nods Revised Banking Model
The Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the…
- 21 Mar 2019
AMCON Worries over Toxic Loans, Seeks Return of Failed Bank Act
Mr Ahmed Kuru, managing director, Asset Management Corporation of Nigeria (AMCON) has advocated the return of the failed bank Act in view of the resurgent huge toxic loans in the banking sector.…
- 14 Oct 2021
CBN Asks Banks to Report Dead Customers’ BVN to NIBSS within 24hrs
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of all dead customers to Nigeria Interbank Settlement System (NIBSS) within…
- 2 Jul 2024
Non-Bank Transactions Dangerous for Financial Stability in West Africa – Cardoso
Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), has warned that the rising transaction volumes by non-banks threatens financial stability in West Africa. Olayemi Cardoso, governor, Central…
- 4 Dec 2025
Senate Considers Bill to Empower CBN to Regulate Fintech
Senate on Thursday began debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise…
- 22 May 2025
CBN Introduces AML to Fight Financial Terrorism, Gives Banks Deadline
Central Bank of Nigeria (CBN) has directed all financial institutions to implement real-time transaction alert systems as part of enhanced anti-money laundering (AML) compliance. The directive was…
- 29 Oct 2024
Senate Passes NDIC Bill To Stabilise Financial Institutions
The Senate on Tuesday passed for third and final reading, a bill meant to strengthen the capacity of the Nigeria Deposit Insurance Corporation (NDIC)’s capacity to safeguard bank depositors’ funds,…
- 19 May 2022
CBN Proposes Permit for Financial Institutions to Share Customers’ Data
Central Bank of Nigeria (CBN) proposed guidelines that would usher in an ‘open banking‘ era in the country, a key step in creating a standard for how companies exchange digital financial data…
- 23 Nov 2025
FBNQuest Merchant Bank Champions Financial Literacy @ Kings’ College Lagos
FBNQuest Merchant Bank Limited, a leading provider of integrated financial and wealth solutions, reaffirmed its commitment to shaping a financially empowered generation by extending its financial…
- 21 Mar 2021
Bankers Protest EFCC’s Order to Declare Assets
Bankers under the aegis of the Association of Senior Staff for Banks, Insurance and other Financial Institutions (ASSBIFI) and National Union of Banks, Insurance and Financial Institutions Employees…
- 12 Sept 2022
Heritage Bank Appoints Acting Managing Director and Executive Directors
Heritage Bank Plc has announced the appointment of Akinola George-Taylor as its acting Managing Director. Akinola George-Taylor Following the receipt of the approval of the Board of Directors of…
- 13 May 2024
Cybersecurity Levy Meant for Financial Institutions, Telcos – Senate:
Senator Shehu Umar Buba, chairman, Senate Committee on National Security and Intelligence, on Sunday, clarified that the recently imposed cybersecurity levy announced by the Central Bank of Nigeria…
- 25 Jul 2021
Panic Withdrawal: Zenith Bank not Distressed- CBN
Central Bank of Nigeria (CBN), the financial regulator has reiterated the resilience, safety and soundness of Nigerian Deposit Money Banks (DMBs) and other financial institutions under its…
- 25 Dec 2019
CBN Says Failure to Acknowledge Customer’s Complaint to Attract N2m Fine
Central Bank of Nigeria (CBN) has said that any financial institution that fails to acknowledge complaints from customers will be sanctioned with fines up to N2 million. Emefiele, CBN gov This was…
- 21 Jul 2024
CBN Expects N20trn from Dormant Accounts
Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex bank accounts. According to the CBN the…
- 2 May 2024
NDIC Increases Deposits Coverage Levels for Financial Institutions
The Nigeria Deposit Insurance Corporation (NDIC) Thursday announced increase in the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate…
- E-Financial19 Aug 2026
Banks, Others Report 42,082 Transactions to NFIU
Financial institutions in Nigeria filed 42,082 suspicious transactions reports to the Nigerian Financial Intelligence Unit (NFIU) in 2025, as financial institutions stepped up compliance with anti-money laundering regulations amid tighter regulatory oversight.
- 5 Oct 2020
NOVA Merchant Bank Appoints Ude as Acting MD/CEO
A NOVA Merchant Bank has appointed Mr. Nath Ude as its Acting Managing Director/Chief Executive Officer effective October 3, 2020 subject to approval by the Central Bank of Nigeria. Mr. Nath Ude Nath…
- 26 May 2025
Court to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management
Federal High Court in Abuja on Monday, fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others.…
- 26 Feb 2014
CBN, IFC to Host 2014 International Sustainable Banking Forum in Lagos
The Central Bank of Nigeria and IFC, a member of the World Bank Group, will host the second International Sustainable Banking Forum on March 3-4, 2014, in Lagos, Nigeria. The Forum will serve as a…
- 16 Feb 2024
Senate, CIBN Seek to End Malpractices in the Banking Sector
The Senate committee on Banking, Insurance and other Financial Institutions, chaired by Senator Adetokunbo Abiru and the Chartered Institute of Bankers of Nigeria (CIBN) have vowed to sanitize the…
- 24 Nov 2018
Senate Expresses Commitment to Speedy Amendment of NDIC Act
The Senate Committee on Banking, Insurance and Other Financial Institutions has expressed a strong Commitment for the accelerated amendment of the Nigeria Deposit Insurance Corporation (NDIC) Act,…
- 4 Jan 2019
CBN Orders Banks, Others to Upload Customers’ Complaints Daily
Central Bank of Nigeria (CBN) has ordered banks to upload customers’ complaints on a daily basis into it recently developed Consumer Complaints Management System (CCMS). This is coming as…
- 26 Mar 2014
Sanusi Dragged to Court over Alleged N50Bn Fraud
Shareholders of the defunct Intercontinental Bank Plc, yesterday, dragged Mallam Sanusi Lamido Sanusi , suspended governor of the Central Bank of Nigeria, (CBN), before a Federal High Court in Abuja,…
- 16 Feb 2022
Senate to Amend 35-Year-Old Act to Compel Bankers to Declare Assets
The Senate has considered a bill seeking to amend the 35-year-old Bank Employees Declaration of Assets (BEDA) Act 1986. "The Bill For An Act To Amend The Bank Employees (Declaration of Assets) Act…
- 16 Nov 2020
FBNQuest Acts as Financial Adviser, Consortium Lead on Privatisation of Afam Power Plc
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, was appointed by the Bureau of Public Enterprises, on behalf of the National Council on…
- 15 Jun 2010
Insurance and Banking in Nigeria: Any Relationship?
Under the financial services sector, banks and insurance companies fall within the same tripod, alongside the capital market. As the Central Bank of Nigeria continues in its reform of the banking…